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I am starting to think the only way to way out of all the various crises (federal debt, student loan debt, consumer loans, underfunded pensions) is to turn on the currency printing press and put it in overdrive.
If done fast enough, all debts will shrink. Of course, the poor slobs holding the debt will be the losers. Since many are overseas investors or have counterpart insurance on debt instruments, much of the losses will be "socialized" across the world.
How, exactly, will massive inflation improve these alleged "debt crises" when people will have to pay a lot more for what they buy today and tomorrow and next week? Are they going to get weekly pay raises?
Private sector debt, the debt that crashed us in 2008, is very different than National Debt. Private sector debt is bound to crash from time to time toeards the end of periods of irrational exuberance.
National Debt is paid off with National Debt. Same as it ever was. There is no good need or use for onerous inflation.
Yes. Reward the irresponsible and punish the savers! Destroy social security and retirement funds. Death to pensions!
Or those who signed for debt and got their degrees in the modern history of the pretzel can man up and pay for their five years of easy living.
While those guys partied it up and lived on borrowed money I was at war, please forgive my intolerance for handouts, if I can go to war at 18 they can be responsible for the debt they signed for at the same age (and we were both lied to so don't pull that card).
Yes. Reward the irresponsible and punish the savers! Destroy social security and retirement funds. Death to pensions!
Or those who signed for debt and got their degrees in the modern history of the pretzel can man up and pay for their five years of easy living.
While those guys partied it up and lived on borrowed money I was at war, please forgive my intolerance for handouts, if I can go to war at 18 they can be responsible for the debt they signed for at the same age (and we were both lied to so don't pull that card).
LOL!!! While I don't have a problem with becoming educated, so many of the people coming out of college today are anything but. You can tell who went to learn something, and who was just hiding from the recession or looking for a fun escape.
I do second your rant about rewarding the irresponsible. It's been the strategy most favored by our elected idiots for 30 years though. Quick bandaids for real systemic problems. Foster an environment of reckless spending to benefit the corporations, while pretending the middle class (lol) is somehow benefiting.
This doesnt fix anything, people are in debt because they spent more than they should have, college isnt an exception, they spent more than they should have for that degree if they cant find a job to pay it off. Giving them money doesnt help them learn how to use it, they will still use that money up and after it is spent, they will be in debt for a new house, new car, new purse, new etc
I am starting to think the only way to way out of all the various crises (federal debt, student loan debt, consumer loans, underfunded pensions) is to turn on the currency printing press and put it in overdrive.
If done fast enough, all debts will shrink. Of course, the poor slobs holding the debt will be the losers. Since many are overseas investors or have counterpart insurance on debt instruments, much of the losses will be "socialized" across the world.
Yeah you're right. It's one way out of one crisis but right into another. You'll be paying $100 for a loaf of bread and making your mortgage paymrnts with a wheelbarrow full of stacked hundreds. Simply printing money isn't solving the problem.
How, exactly, will massive inflation improve these alleged "debt crises" when people will have to pay a lot more for what they buy today and tomorrow and next week? Are they going to get weekly pay raises?
Inflation lowers the value of debt.
Quote:
Originally Posted by Electrician4you
Yeah you're right. It's one way out of one crisis but right into another. You'll be paying $100 for a loaf of bread and making your mortgage paymrnts with a wheelbarrow full of stacked hundreds. Simply printing money isn't solving the problem.
Actually, it does. Without printing, we will have deflation.
Actually, it does. Without printing, we will have deflation.
Printing money does no good when all the new money ends up at the top. All it does is cause inflation of high end/luxury goods, while the masses wade through a deflationary funk. The proper way out of this is to cater to the needs of the wealthy. This is achieved by producing high quality goods and services that wealthy folks demand.
Unfortunately, the direction this country chose to take was to compete on price... A battle we just cannot win. As a result, politicians have capitalized on the income disparity by encouraging class warfare. Nice work America. Now we are fostering a dysfunctional economy that simply is not sustainable.
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